The act of transferring money from one place to another place. This may occur electronically or physically. One company which facilitates money transfers is Western Union. Businesses and individuals need to send money to distant places for many reasons, including to pay debts, make purchases or simply to send funds to a family member who's short on cash. Whatever the reason, money transfers (also called wire transfers) provide a fast and secure means of sending money. A money transfer or wire transfer is an order placed with a financial institution or wire-transfer service provider such as Western Union to disburse funds a person has provided to another party. Banks and wire-transfer providers have networks of affiliated financial institutions or agents worldwide that complete the requested transfer of funds on a person's behalf, usually for a modest fee. Today the majority of money transfers are carried out by electronic funds transfer (EFT) using the Internet. There are two major types of money transfers. A business or individual may authorize a money transfer through a bank. The most common alternative is to pay the money to a third-party provider like Western Union or PayPal and indicate where the money is to be sent. A third form of money transfer using email is employed by the five largest Canadian banks, but this method is generally avoided elsewhere because of concerns over the security of email communications. The main advantages of money transfers today remain the same as those in 1837. Wire transfers are fast and secure; electronic funds transfer has only made these advantages greater. Low cost is another benefit. Providers such as Western Union charge modest fees, and electronic funds transfer using one’s own bank account is often free. For creditors who have a problem debt, using a service such as Western Union Quick Collect provides added security, since the company will authorize the transfer only when the money has actually been paid.